Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 12-Month Low – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $33.06 and last traded at $32.84, with a volume of 78855 shares. The stock had previously closed at $34.62.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRNX shares. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Citigroup upped their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. JMP Securities restated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.64.

Crinetics Pharmaceuticals Stock Performance

The stock has a fifty day moving average price of $42.77 and a 200-day moving average price of $50.51. The firm has a market cap of $3.05 billion, a PE ratio of -8.84 and a beta of 0.56.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Mackenzie Financial Corp raised its stake in shares of Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after purchasing an additional 440 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth $100,000. Castleark Management LLC lifted its holdings in Crinetics Pharmaceuticals by 6.1% in the 4th quarter. Castleark Management LLC now owns 77,780 shares of the company’s stock worth $3,977,000 after buying an additional 4,440 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Crinetics Pharmaceuticals by 19.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 325,276 shares of the company’s stock valued at $16,631,000 after buying an additional 53,529 shares during the last quarter. Finally, Woodline Partners LP acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at about $2,556,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.